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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Coeur Mining Inc | NYSE:CDE | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.1308 | -1.99% | 6.4292 | 6.55 | 6.315 | 6.35 | 22,628,557 | 00:00:00 |
From Mar 2023 to Mar 2025
Strong fourth quarter performances at Rochester and Wharf drove a 35% increase in quarterly revenue
Full-year 2024 guidance highlights significant expected production growth
Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported fourth quarter 2023 financial results, including revenue of $262 million and cash flow from operating activities of $65 million. The Company reported GAAP net loss from continuing operations of $26 million, or $0.07 per share. On an adjusted basis1, Coeur reported EBITDA of $64 million, cash flow from operating activities before changes in working capital of $45 million and net loss from continuing operations of $6 million, or $0.02 per share.
For the full year, Coeur reported revenue of $821 million, cash flow from operating activities of $67 million and GAAP net loss from continuing operations of $104 million, or $0.30 per share. On an adjusted basis1, the Company reported EBITDA of $142 million, cash flow from operating activities prior to changes in working capital of $59 million and net loss from continuing operations of $78 million, or $0.23 per share.
Key Highlights
“The Company finished 2023 on a high note, highlighted by a significant step-up in production levels at the newly expanded Rochester mine in Nevada and a record cash flow year at the Wharf mine in South Dakota,” said Mitchell J. Krebs, President and Chief Executive Officer. “Kensington also delivered a solid fourth quarter to complete a strong second half.
“Ramp-up and commissioning activities at Rochester are progressing toward completion in the first half of 2024, setting the stage for strong near-term production growth, lower costs, and sharp increases in cash flow. Rochester is expected to become the anchor of our base of North American silver and gold assets and is the key driver to strong expected increases in our overall silver and gold production levels this year.
“While we remain focused on our ramp-up and optimization efforts at Rochester, we continue to advance several key initiatives at our other operations. At Kensington in Alaska, 2024 represents the last full year of elevated levels of development and drilling investment under our current multi-year plan that we expect will significantly extend its mine life and return the operation to being a generator of positive free cash flow for the Company. At Palmarejo in Mexico, expected completion of the transaction with Fresnillo will usher in a revitalized development phase focused on targeting resources to the north and east of existing operations. Finally, Silvertip’s ambitious and highly successful exploration program will continue in British Columbia, benefiting from a full year of drilling and geologic modeling aimed at further increasing the scale and our knowledge of this high-grade polymetallic carbon replacement deposit.”
Financial and Operating Highlights (Unaudited)
(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics)
2023
4Q 2023
3Q 2023
2Q 2023
1Q 2023
2022
4Q 2022
Gold Sales
$
575.7
$
187.7
$
139.5
$
121.4
$
127.1
$
572.9
$
157.6
Silver Sales
$
245.5
$
74.3
$
55.1
$
55.9
$
60.2
$
212.8
$
52.5
Consolidated Revenue
$
821.2
$
262.1
$
194.6
$
177.2
$
187.3
$
785.6
$
210.1
Costs Applicable to Sales2
$
632.9
$
192.3
$
147.9
$
139.6
$
153.1
$
606.5
$
159.3
General and Administrative Expenses
$
41.6
$
10.2
$
9.5
$
9.8
$
12.1
$
39.5
$
10.2
Net Income (Loss)
$
(103.6
)
$
(25.5
)
$
(21.1
)
$
(32.4
)
$
(24.6
)
$
(78.1
)
$
49.0
Net Income (Loss) Per Share
$
(0.30
)
$
(0.07
)
$
(0.06
)
$
(0.10
)
$
(0.08
)
$
(0.28
)
$
0.17
Adjusted Net Income (Loss)1
$
(78.0
)
$
(6.2
)
$
(18.6
)
$
(20.2
)
$
(33.1
)
$
(89.1
)
$
(17.5
)
Adjusted Net Income (Loss)1 Per Share
$
(0.23
)
$
(0.02
)
$
(0.05
)
$
(0.06
)
$
(0.11
)
$
(0.32
)
$
(0.06
)
Weighted Average Shares Outstanding
343.1
380.5
356.7
333.1
301.0
275.2
284.5
EBITDA1
$
60.5
$
25.0
$
15.3
$
4.0
$
16.2
$
72.0
$
84.9
Adjusted EBITDA1
$
142.3
$
64.3
$
30.6
$
22.2
$
25.1
$
139.0
$
35.9
Cash Flow from Operating Activities
$
67.3
$
65.3
$
(2.4
)
$
39.4
$
(35.0
)
$
25.6
$
28.5
Capital Expenditures
$
364.6
$
92.7
$
112.3
$
85.6
$
74.0
$
352.4
$
113.1
Free Cash Flow1
$
(297.3
)
$
(27.4
)
$
(114.7
)
$
(46.2
)
$
(109.0
)
$
(326.7
)
$
(84.5
)
Cash, Equivalents & Short-Term Investments
$
61.6
$
61.6
$
53.2
$
56.8
$
67.0
$
61.5
$
61.5
Total Debt3
$
545.3
$
545.3
$
512.2
$
469.4
$
494.1
$
515.9
$
515.9
Average Realized Price Per Ounce – Gold
$
1,825
$
1,886
$
1,788
$
1,809
$
1,794
$
1,736
$
1,787
Average Realized Price Per Ounce – Silver
$
24.21
$
24.79
$
24.88
$
23.91
$
23.25
$
21.77
$
21.14
Gold Ounces Produced
317,671
101,609
78,617
68,406
69,039
330,346
87,727
Silver Ounces Produced
10.3
$
3.1
2.3
2.4
2.5
9.8
2.4
Gold Ounces Sold
315,511
99,540
78,015
67,090
70,866
329,968
88,189
Silver Ounces Sold
10.1
$
3.0
2.2
2.3
2.6
9.8
2.5
Adjusted CAS per AuOz1
$
1,355
$
1,225
$
1,273
$
1,464
$
1,381
$
1,300
$
1,270
Adjusted CAS per AgOz1
$
18.10
$
17.03
$
17.85
$
16.77
$
15.83
$
17.00
$
15.57
Financial Results
Fourth quarter 2023 revenue totaled $262 million compared to $195 million in the prior period and $210 million in the fourth quarter of 2022. The Company produced 101,609 and 3.1 million ounces of gold and silver, respectively, during the quarter. Metal sales for the quarter totaled 99,540 ounces of gold and 3.0 million ounces of silver. Average realized gold and silver prices for the quarter were $1,886 and $24.79 per ounce, respectively, compared to $1,788 and $24.88 per ounce in the prior period and $1,787 and $21.14 per ounce in the fourth quarter of 2022.
Coeur generated $821 million in revenue during 2023, compared to $786 million in 2022. Full-year gold and silver production totaled 317,671 and 10.3 million ounces, respectively, compared to 330,346 ounces of gold and 9.8 million ounces of silver in 2022. Metal sales in 2023 included 315,511 and 10.1 million ounces of gold and silver, respectively. Average realized gold and silver prices for the year were $1,825 and $24.21 per ounce, respectively, compared to $1,736 and $21.77 per ounce in 2022.
Gold and silver sales represented 72% and 28% of quarterly revenue, respectively. For the full year, gold and silver sales accounted for 70% and 30% of revenue, respectively. The Company’s U.S. operations accounted for approximately 65% and 62% in the fourth quarter and full-year revenue, respectively.
Costs applicable to sales2 during the quarter and for the full year increased 30% and 4%, respectively, to $192 million and $633 million. Higher costs during the quarter and the year compared to prior periods were due primarily to higher gold and silver production levels as well as from higher consumable costs driven by overall inflationary pressures. General and administrative expenses remained consistent quarter-over-quarter and year-over-year at $10 million.
Coeur invested approximately $14 million ($11 million expensed and $3 million capitalized) in exploration during the quarter, compared to roughly $16 million ($12 million expensed and $3 million capitalized) in the prior period. For the full year, the Company invested approximately $41 million ($31 million expensed and $10 million capitalized) compared to roughly $48 million ($27 million expensed and $22 million capitalized) in 2022. See the “Operations” and “Exploration” sections for additional detail on the Company’s exploration activities.
The Company recorded income tax expense of approximately $10 million and $37 million during the fourth quarter and for the full year, respectively. Cash income and mining taxes paid during the period totaled approximately $8 million, bringing the full-year total to $35 million. Cash taxes paid in 2023 primarily reflect income and mining tax payments in Mexico. Coeur expects to pay approximately $8 - $10 million in cash taxes during the first quarter of 2024 primarily as a result of its annual tax filings in Mexico. As of December 31, 2023, Companywide U.S. net operating loss carryforwards totaled approximately $623 million.
Quarterly operating cash flow totaled $65 million compared to $(2) million in the prior period, mainly driven by higher metal sales, increased profitability at Wharf, timing of prepayments and the semi-annual interest payments on the Company’s 2029 5.125% Senior Notes. For the full year, operating cash flow more than doubled to $67 million mainly driven by strong fourth quarter operational performance.
Capital expenditures decreased 17% quarter-over-quarter to $93 million, bringing the full-year total to $365 million and below Coeur’s 2023 guidance range of $378 - $432 million due to timing of remaining payments related to the Rochester expansion. Expenditures related to the Rochester expansion totaled $52 million and $230 million during the fourth quarter and full year, respectively, compared to $76 million in the third quarter and $229 million in 2022. Sustaining and development capital expenditures accounted for approximately $38 million and $55 million, or 41% and 59%, respectively, of Coeur’s total capital investment during the quarter.
Balance Sheet and Liquidity Update
Coeur ended the quarter with total liquidity of approximately $247 million, including $62 million of cash and $185 million of available capacity under its $390 million revolving credit facility (“RCF”)4. Total debt increased to $545 million at the end of the fourth quarter compared to $512 million at the end of the third quarter and $516 million at year-end 2022.
On February 21, 2024, the Company completed a new agreement to extend and enhance its RCF. Details include:
During the fourth quarter, Coeur satisfied $45 million associated with prepay agreements at Kensington, Rochester and Wharf. Additionally, the Company exercised options under amended agreements to receive an additional $25 million prepayment at Kensington, an approximately $18 million prepayment for deliveries of gold and silver doré from Rochester, and a roughly $13 million prepayment for deliveries of gold concentrate from Wharf.
Hedging Update
During the fourth quarter, the Company added to its hedge position by executing additional hedges on approximately 95,000 ounces of its expected 2024 gold production at an average price of roughly $2,076 per ounce and approximately 3.1 million ounces of its expected 2024 silver production at an average price of roughly $25.16 per ounce. An overview of the hedges in place is outlined below.
1Q 2024
2Q 2024
Gold Ounces Hedged
45,000
49,950
Avg. Forward Price ($/oz)
$2,050
$2,100
Silver Ounces Hedged
1,299,999
1,800,000
Avg. Forward Price ($/oz)
$24.00
$26.00
Rochester LCM Adjustment
Coeur reports the carrying value of metal and leach pad inventory at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. Decreases in the market price of gold and silver can affect the value of metal inventory, stockpiles and leach pads, and it may be necessary to record a write-down to the net realizable value, as well as impact carrying value of long-lived assets. At the end of the fourth quarter, the cost of ore on leach pads at Rochester exceeded its net realizable value, which resulted in a lower of cost or market (“LCM”) adjustment of $20 million (approximately $17 million in costs applicable to sales2 and $3 million of amortization).
Operations
Fourth quarter and full-year 2023 highlights for each of the Company’s operations are provided below.
Palmarejo, Mexico
(Dollars in millions, except per ounce amounts)
2023
4Q 2023
3Q 2023
2Q 2023
1Q 2023
2022
4Q 2022
Tons milled
2,008,459
500,509
501,722
472,622
533,606
2,197,808
554,247
Average gold grade (oz/t)
0.050
0.060
0.055
0.056
0.052
0.053
0.051
Average silver grade (oz/t)
3.97
4.08
3.67
4.10
4.02
3.63
3.16
Average recovery rate – Au
91.1
%
89.4
%
97.6
%
87.4
%
90.1
%
92.1
%
92.4
%
Average recovery rate – Ag
82.7
%
79.4
%
86.9
%
83.5
%
81.7
%
84.2
%
85.0
%
Gold ounces produced
100,605
25,401
26,870
23,216
25,118
106,782
25,935
Silver ounces produced (000’s)
6,592
1,622
1,601
1,617
1,752
6,709
1,489
Gold ounces sold
99,043
24,848
26,018
22,207
25,970
107,157
25,252
Silver ounces sold (000’s)
6,534
1,644
1,534
1,561
1,795
6,695
1,490
Average realized price per gold ounce
$
1,565
$
1,615
$
1,499
$
1,589
$
1,564
$
1,471
$
1,509
Average realized price per silver ounce
$
24.21
$
24.78
$
24.96
$
23.98
$
23.23
$
21.78
$
21.10
Metal sales
$
313.2
$
80.9
$
77.3
$
72.7
$
82.3
$
303.4
$
69.5
Costs applicable to sales2
$
194.3
$
50.3
$
48.1
$
46.6
$
49.3
$
182.6
$
47.1
Adjusted CAS per AuOz1
$
957
$
1,010
$
917
$
1,023
$
926
$
883
$
1,027
Adjusted CAS per AgOz1
$
15.09
$
15.26
$
15.56
$
15.16
$
13.94
$
13.05
$
14.23
Exploration expense
$
7.8
$
2.7
$
2.2
$
1.6
$
1.3
$
6.6
$
1.5
Cash flow from operating activities
$
76.8
$
24.1
$
22.6
$
18.6
$
11.5
$
88.4
$
18.9
Sustaining capital expenditures (excludes capital lease payments)
$
34.6
$
6.9
$
8.4
$
10.7
$
8.6
$
42.6
$
8.1
Development capital expenditures
$
7.2
$
2.0
$
2.4
$
1.2
$
1.6
$
—
$
—
Total capital expenditures
$
41.8
$
8.9
$
10.8
$
11.9
$
10.2
$
42.6
$
8.1
Free cash flow1
$
35.0
$
15.2
$
11.8
$
6.7
$
1.3
$
45.8
$
10.8
Operational
Financial
Exploration
Other
Guidance
Rochester, Nevada
(Dollars in millions, except per ounce amounts)
2023
4Q 2023
3Q 2023
2Q 2023
1Q 2023
2022
4Q 2022
Ore tons placed
11,388,657
2,754,058
3,487,173
2,690,840
2,456,586
14,919,803
2,754,118
Average silver grade (oz/t)
0.45
0.44
0.50
0.42
0.45
0.41
0.68
Average gold grade (oz/t)
0.003
0.003
0.003
0.003
0.003
0.003
0.003
Silver ounces produced (000’s)
3,392
1,340
608
683
761
3,062
973
Gold ounces produced
38,775
19,847
4,459
6,314
8,155
34,735
11,589
Silver ounces sold (000’s)
3,340
1,269
606
695
770
3,029
975
Gold ounces sold
38,449
19,175
4,432
6,493
8,349
34,370
11,646
Average realized price per silver ounce
$
24.09
$
24.59
$
24.63
$
23.70
$
23.19
$
21.53
$
21.10
Average realized price per gold ounce
$
1,965
$
1,991
$
1,967
$
1,946
$
1,922
$
1,875
$
1,893
Metal sales
$
156.0
$
69.4
$
23.6
$
29.1
$
33.9
$
129.7
$
42.6
Costs applicable to sales2
$
171.3
$
71.8
$
30.5
$
26.1
$
42.9
$
165.2
$
44.1
Adjusted CAS per AgOz1
$
23.97
$
19.33
$
23.64
$
20.39
$
20.24
$
25.74
$
17.60
Adjusted CAS per AuOz1
$
1,922
$
1,564
$
1,899
$
1,646
$
1,655
$
2,268
$
1,596
Prepayment, working capital cash flow
$
17.5
$
—
$
7.5
$
10.0
$
—
$
—
$
—
Exploration expense
$
1.2
$
0.2
$
0.3
$
0.3
$
0.4
$
4.6
$
0.6
Cash flow from operating activities
$
(23.0
)
$
11.6
$
(17.3
)
$
(3.8
)
$
(13.5
)
$
(48.0
)
$
(5.5
)
Sustaining capital expenditures (excludes capital lease payments)
$
30.9
$
13.8
$
7.7
$
5.1
$
4.3
$
14.9
$
3.0
Development capital expenditures
$
232.5
$
51.7
$
76.7
$
56.4
$
47.7
$
231.5
$
89.3
Total capital expenditures
$
263.4
$
65.5
$
84.4
$
61.5
$
52.0
$
246.4
$
92.3
Free cash flow1
$
(286.4
)
$
(53.9
)
$
(101.7
)
$
(65.3
)
$
(65.5
)
$
(294.4
)
$
(97.8
)
Operational
Financial
Exploration
Guidance
Kensington, Alaska
(Dollars in millions, except per ounce amounts)
2023
4Q 2023
3Q 2023
2Q 2023
1Q 2023
2022
4Q 2022
Tons milled
651,576
177,382
167,950
152,907
153,337
700,346
183,410
Average gold grade (oz/t)
0.14
0.16
0.16
0.09
0.15
0.17
0.18
Average recovery rate
91.9
%
92.3
%
92.6
%
90.9
%
91.2
%
92.5
%
92.4
%
Gold ounces produced
84,789
26,686
24,614
13,193
20,296
109,061
30,335
Gold ounces sold
84,671
25,980
24,516
13,273
20,902
108,972
30,863
Average realized price per gold ounce, gross
$
1,987
$
2,016
$
1,956
$
1,991
$
1,983
$
1,888
$
1,942
Treatment and refining charges per gold ounce
$
74
$
58
$
60
$
142
$
63
$
36
$
38
Average realized price per gold ounce, net
$
1,913
$
1,958
$
1,896
$
1,849
$
1,920
$
1,852
$
1,904
Metal sales
$
162.5
$
51.2
$
46.5
$
24.6
$
40.2
$
202.5
$
58.8
Costs applicable to sales2
$
152.7
$
37.9
$
38.3
$
39.1
$
37.4
$
155.7
$
39.2
Adjusted CAS per AuOz1
$
1,786
$
1,441
$
1,543
$
2,927
$
1,775
$
1,420
$
1,265
Prepayment, working capital cash flow
$
—
$
10.7
$
(10.7
)
$
9.9
$
(9.9
)
$
10.0
$
9.6
Exploration expense
$
7.9
$
1.7
$
2.9
$
2.3
$
1.0
$
6.6
$
2.2
Cash flow from operating activities
$
4.0
$
16.9
$
(4.4
)
$
(3.7
)
$
(4.8
)
$
42.2
$
20.8
Sustaining capital expenditures (excludes capital lease payments)
$
53.3
$
15.1
$
15.8
$
11.7
$
10.7
$
31.5
$
7.7
Development capital expenditures
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Total capital expenditures
$
53.3
$
15.1
$
15.8
$
11.7
$
10.7
$
31.5
$
7.7
Free cash flow1
$
(49.3
)
$
1.8
$
(20.2
)
$
(15.4
)
$
(15.5
)
$
10.7
$
13.1
Operational
Financial
Exploration
Guidance
Wharf, South Dakota
(Dollars in millions, except per ounce amounts)
2023
4Q 2023
3Q 2023
2Q 2023
1Q 2023
2022
4Q 2022
Ore tons placed
4,743,469
1,290,562
1,254,267
1,041,846
1,156,794
4,506,849
975,994
Average gold grade (oz/t)
0.026
0.027
0.023
0.022
0.032
0.021
0.024
Gold ounces produced
93,502
29,675
22,674
25,683
15,470
79,768
19,868
Silver ounces produced (000’s)
268
90
69
88
21
46
9
Gold ounces sold
93,348
29,537
23,049
25,117
15,645
79,469
20,428
Silver ounces sold (000’s)
266
86
74
82
24
47
17
Average realized price per gold ounce
$
1,961
$
1,982
$
1,966
$
1,946
$
1,938
$
1,874
$
1,895
Metal sales
$
189.5
$
60.7
$
47.1
$
50.8
$
30.9
$
150.0
$
39.0
Costs applicable to sales2
$
114.7
$
32.4
$
31.0
$
27.8
$
23.5
$
103.1
$
28.9
Adjusted CAS per AuOz1
$
1,152
$
997
$
1,267
$
1,035
$
1,466
$
1,281
$
1,393
Prepayment, working capital cash flow
$
12.5
$
—
$
2.5
$
10.0
$
—
$
—
$
—
Exploration expense
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Cash flow from operating activities
$
84.1
$
28.9
$
19.5
$
33.8
$
1.9
$
33.0
$
10.3
Sustaining capital expenditures (excludes capital lease payments)
$
2.0
$
1.3
$
0.6
$
0.1
$
—
$
1.5
$
0.7
Development capital expenditures
$
0.5
$
0.2
$
0.1
$
0.1
$
0.1
$
1.6
$
0.1
Total capital expenditures
$
2.5
$
1.5
$
0.7
$
0.2
$
0.1
$
3.1
$
0.7
Free cash flow1
$
81.6
$
27.4
$
18.8
$
33.6
$
1.8
$
29.9
$
9.6
Operational
Financial
Exploration
Guidance
Exploration
Coeur had 11 active rigs across all sites during the fourth quarter, for a total investment of approximately $14 million ($11 million expensed and $3 million capitalized), compared to roughly $16 million ($12 million expensed and $3 million capitalized) in the prior period.
For the full year, the Company invested approximately $41 million ($31 million expensed and $10 million capitalized) compared to roughly $48 million ($27 million expensed and $22 million capitalized) in 2022. Coeur has invested nearly $245 million in exploration over the last five years, which has resulted in significant additions to reserves and resources across the portfolio.
Exploration investment at the high-grade Silvertip polymetallic exploration project in British Columbia, Canada totaled approximately $6 million in the fourth quarter, bringing full-year investment to roughly $11 million, compared to $7 million and $10 million, respectively, in prior periods.
Drilling during the fourth quarter continued with two underground rigs focused on tracing the Southern Silver Zone chimney along strike to the southeast and down dip in addition to infill drilling at Saddle Zone. Visual results from the Southern Silver Zone drilling confirmed massive sulphide mineralization in all holes with results pending. Southern Silver Zone has been extended along strike by 150 meters and down dip by 160 meters.
The Company expects to invest $11 - $14 million in exploration in 2024 at Silvertip, which excludes $15 - $20 million related to underground mine development and supporting costs.
Across the Company, exploration investment in 2024 is expected to include $40 - $50 million of scout and expansion drilling (exploration expense) and $7 - $13 million on infill drilling (capitalized exploration). The key priorities this year are focused on building reserves and extending the life of mine at Kensington, testing higher grade structures at Rochester, commence building a significant pipeline of inferred resources at Palmarejo to potentially enable rapid reserve growth over the coming years, adding mineral reserves at Wharf, and continue increasing the mineral resource at Silvertip.
2024 Guidance
Gold and silver production is expected to increase compared to 2023, driven by the commissioning and ramp-up of the Rochester expansion. Overall cost guidance has increased compared to 2023 primarily driven by expected continued inflationary pressures on operating costs.
With the commissioning and ramp-up of the new Merrill-Crowe facility and three-stage crusher corridor at Rochester expected to be completed during the first half of 2024, the Company has elected to defer providing cost guidance at Rochester for that period. The below cost guidance for Rochester reflects the second half of 2024. Coeur expects to have an LCM adjustment at Rochester of roughly $10 - $15 million in the first quarter of 2024.
Additionally, the below exploration expense guidance excludes $15 - $20 million of underground mine development and support costs associated with Silvertip.
2024 Production Guidance
Gold
Silver
(oz)
(K oz)
Palmarejo
95,000 - 103,000
5,900 - 6,700
Rochester
37,000 - 50,000
4,800 - 6,600
Kensington
92,000 - 106,000
—
Wharf
86,000 - 96,000
—
Total
310,000 - 355,000
10,700 - 13,300
2024 Costs Applicable to Sales Guidance
Gold
Silver
($/oz)
($/oz)
Palmarejo (co-product)
$1,075 - $1,275
$16.50 - $17.50
Second Half 2024 Rochester (co-product)
$1,200 - $1,400
$14.00 - $16.00
Kensington
$1,525 - $1,725
—
Wharf (by-product)
$1,100 - $1,200
—
2024 Capital, Exploration and G&A Guidance
($M)
Capital Expenditures, Sustaining
$116 - $158
Capital Expenditures, Development
$19 - $26
Exploration, Expensed
$40 - $50
Exploration, Capitalized
$7 - $13
General & Administrative Expenses
$36 - $40
Note: The Company’s guidance figures assume estimated prices of $2,000/oz gold and $23.75/oz silver as well as CAD of 1.25 and MXN of 17.00. Guidance figures exclude the impact of any metal sales or foreign exchange hedges.
Financial Results and Conference Call
Coeur will host a conference call to discuss its fourth quarter and full-year 2023 financial results on February 22, 2024 at 11:00 a.m. Eastern Time.
Dial-In Numbers:
(855) 560-2581 (U.S.) (855) 669-9657 (Canada)(412) 542-4166 (International)
Conference ID:
Coeur Mining
Hosting the call will be Mitchell J. Krebs, President and Chief Executive Officer of Coeur, who will be joined by Thomas S. Whelan, Senior Vice President and Chief Financial Officer, Michael “Mick” Routledge, Senior Vice President and Chief Operating Officer, Aoife McGrath, Senior Vice President of Exploration, and other members of management. A replay of the call will be available through February 29, 2024.
Replay numbers:
(877) 344-7529 (U.S.)
(855) 669-9658 (Canada)
(412) 317-0088 (International)
Conference ID:
931 28 71
About Coeur
Coeur Mining, Inc. is a U.S.-based, well-diversified, growing precious metals producer with four wholly-owned operations: the Palmarejo gold-silver complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota. In addition, the Company wholly-owns the Silvertip silver-zinc-lead exploration project in British Columbia.
Cautionary Statements
This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding cash flow, production growth, costs, capital expenditures, exploration and development efforts and plans, mine lives and expected extensions, the gold stream agreement at Palmarejo, closing of the transaction with Fresnillo, expectations, plans, costs and timing regarding the Rochester expansion project including anticipated throughput and timeline for commissioning and ramp-up, hedging strategies, anticipated production, costs and expenses and operations at Palmarejo, Rochester, Wharf and Kensington. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Coeur’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the risk that commissioning and ramp-up of the Rochester expansion project takes longer than expected or does not achieve planned performance, the risk that anticipated production, cost and expense levels are not attained, the risks and hazards inherent in the mining business (including risks inherent in developing and expanding large-scale mining projects, environmental hazards, industrial accidents, weather or geologically-related conditions), changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment, the uncertainties inherent in Coeur’s production, exploration and development activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns) and mining law changes, the risk that the Fresnillo transaction may not close, ground conditions, grade and recovery variability, any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), the risk of adverse outcomes in litigation, the uncertainties inherent in the estimation of mineral reserves and resources, impacts from Coeur’s future acquisition of new mining properties or businesses, the loss of access or insolvency of any third-party refiner or smelter to whom Coeur markets its production, materials and equipment availability, inflationary pressures, continued access to financing sources, the effects of environmental and other governmental regulations and government shut-downs, the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, Coeur’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt, as well as other uncertainties and risk factors set out in filings made from time to time with the United States Securities and Exchange Commission, and the Canadian securities regulators, including, without limitation, Coeur’s most recent report on Form 10-K. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. Coeur disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Coeur undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Coeur, its financial or operating results or its securities. This does not constitute an offer of any securities for sale.
The scientific and technical information concerning our mineral projects in this news release have been reviewed and approved by a “qualified person” under Item 1300 of SEC Regulation S-K, namely our Senior Director, Technical Services, Christopher Pascoe. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company’s material properties which are available at www.sec.gov.
Non-U.S. GAAP Measures
We supplement the reporting of our financial information determined under United States generally accepted accounting principles (U.S. GAAP) with certain non-U.S. GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce (gold and silver) or pound (zinc or lead). We believe that these adjusted measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to our core operating results, and provide a better baseline for analyzing trends in our underlying businesses. We believe EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss) and adjusted costs applicable to sales per ounce (gold and silver) and pound (zinc and lead) are important measures in assessing the Company’s overall financial performance. For additional explanation regarding our use of non-U.S. GAAP financial measures, please refer to our Form 10-K for the year ended December 31, 2023.
Notes
1.
EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce (gold and silver) are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Free cash flow is defined as cash flow from operating activities less capital expenditures. Liquidity is defined as cash and cash equivalents plus availability under the Company’s RCF. Please see tables in Appendix for the calculation of consolidated free cash flow and liquidity.
2.
Excludes amortization.
3.
Includes capital leases. Net of debt issuance costs and premium received.
4.
As of December 31, 2023, Coeur had $30 million in outstanding letters of credit and $175 million in outstanding borrowings under its RCF. Future borrowing under the RCF may be subject to certain financial covenants.
Average Spot Prices
2023
4Q 2023
3Q 2023
2Q 2023
1Q 2023
2022
4Q 2022
Average Gold Spot Price Per Ounce
$
1,941
$
1,971
$
1,928
$
1,976
$
1,890
$
1,800
$
1,726
Average Silver Spot Price Per Ounce
$
23.35
$
23.20
$
23.57
$
24.13
$
22.55
$
21.73
$
21.17
Average Zinc Spot Price Per Pound
$
1.20
$
1.13
$
1.10
$
1.15
$
1.42
$
1.58
$
1.36
Average Lead Spot Price Per Pound
$
0.97
$
0.96
$
0.98
$
0.96
$
0.97
$
0.97
$
0.95
COEUR MINING, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, 2023
December 31, 2022
ASSETS
In thousands, except share data
CURRENT ASSETS
Cash and cash equivalents
$
61,633
$
61,464
Receivables
31,035
36,333
Inventory
76,661
61,831
Ore on leach pads
79,400
82,958
Equity securities
—
32,032
Prepaid expenses and other
18,526
25,814
267,255
300,432
NON-CURRENT ASSETS
Property, plant and equipment and mining properties, net
1,688,288
1,389,755
Ore on leach pads
25,987
51,268
Restricted assets
9,115
9,028
Equity securities
—
12,120
Receivables
23,140
22,023
Other
67,063
61,517
TOTAL ASSETS
$
2,080,848
$
1,846,143
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable
$
115,110
$
96,123
Accrued liabilities and other
140,913
92,863
Debt
22,636
24,578
Reclamation
10,954
5,796
Liabilities held for sale
—
—
289,613
219,360
NON-CURRENT LIABILITIES
Debt
522,674
491,355
Reclamation
203,059
196,635
Deferred tax liabilities
12,360
14,459
Other long-term liabilities
29,239
35,318
767,332
737,767
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share; authorized 600,000,000 shares, 386,282,957 issued and outstanding at December 31, 2023 and 295,697,624 at December 31, 2022
3,863
2,957
Additional paid-in capital
4,139,870
3,891,265
Accumulated other comprehensive income (loss)
1,331
12,343
Accumulated deficit
(3,121,161
)
(3,017,549
)
1,023,903
889,016
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
2,080,848
$
1,846,143
COEUR MINING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Year Ended December 31,
2023
2022
2021
In thousands, except per share data
Revenue
$
821,206
$
785,636
$
832,828
COSTS AND EXPENSES
Costs applicable to sales(1)
632,896
606,530
511,539
Amortization
99,822
111,626
128,315
General and administrative
41,605
39,460
40,399
Exploration
30,962
26,624
51,169
Pre-development, reclamation, and other
54,636
40,647
44,567
Total costs and expenses
859,921
824,887
775,989
OTHER INCOME (EXPENSE), NET
Gain (loss) on debt extinguishment
3,437
—
(9,173
)
Fair value adjustments, net
3,384
(66,668
)
(543
)
Interest expense, net of capitalized interest
(29,099
)
(23,861
)
(16,451
)
Other, net
(7,463
)
66,331
(27,036
)
Total other income (expense), net
(29,741
)
(24,198
)
(53,203
)
Income (loss) before income and mining taxes
(68,456
)
(63,449
)
3,636
Income and mining tax (expense) benefit
(35,156
)
(14,658
)
(34,958
)
NET INCOME (LOSS)
$
(103,612
)
$
(78,107
)
$
(31,322
)
OTHER COMPREHENSIVE INCOME (LOSS):
Change in fair value of derivative contracts designated as cash flow hedges
(318
)
37,445
22,783
Reclassification adjustments for realized (gain) loss on cash flow hedges
(10,694
)
(23,890
)
(12,859
)
Other comprehensive income (loss)
(11,012
)
13,555
9,924
COMPREHENSIVE INCOME (LOSS)
$
(114,624
)
$
(64,552
)
$
(21,398
)
NET INCOME (LOSS) PER SHARE
Basic income (loss) per share:
Basic
$
(0.30
)
$
(0.28
)
$
(0.13
)
Diluted
$
(0.30
)
$
(0.28
)
$
(0.13
)
(1) Excludes amortization.
COEUR MINING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2023
2022
2021
In thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
$
(103,612
)
$
(78,107
)
$
(31,322
)
Adjustments:
Amortization
99,822
111,626
128,315
Accretion
16,381
14,850
12,897
Deferred taxes
(1,495
)
(18,450
)
(10,932
)
Gain on debt extinguishment
(3,437
)
—
9,173
Fair value adjustments, net
(3,384
)
63,529
543
Stock-based compensation
11,361
10,030
13,660
Gain on the sale of Sterling/Crown
—
(62,249
)
—
Loss on the sale of assets
25,197
—
—
Write-downs
40,247
45,978
38,596
Deferred revenue recognition
(25,468
)
(15,887
)
(16,226
)
Other
3,215
542
911
Changes in operating assets and liabilities:
Receivables
933
4,452
(983
)
Prepaid expenses and other current assets
(461
)
240
489
Inventory and ore on leach pads
(47,592
)
(51,448
)
(27,628
)
Accounts payable and accrued liabilities
55,581
510
(7,011
)
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
67,288
25,616
110,482
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures
(364,617
)
(352,354
)
(309,781
)
Proceeds from the sale of assets
8,546
165,829
6,824
Purchase of investments
—
—
(1,955
)
Sale of investments
47,611
40,469
935
Proceeds from notes receivable
5,000
—
—
Other
(239
)
(107
)
(99
)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
(303,699
)
(146,163
)
(304,076
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock
168,964
147,408
—
Issuance of notes and bank borrowings, net of issuance costs
598,000
320,000
592,493
Payments on debt, finance leases, and associated costs
(528,541
)
(338,721
)
(430,101
)
Other
(2,370
)
(3,661
)
(4,256
)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
236,053
125,026
158,136
Effect of exchange rate changes on cash and cash equivalents
567
401
(423
)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
209
4,880
(35,881
)
Cash, cash equivalents and restricted cash at beginning of period
63,169
58,289
94,170
Cash, cash equivalents and restricted cash at end of period
$
63,378
$
63,169
$
58,289
Adjusted EBITDA Reconciliation
(Dollars in thousands except per share amounts)
2023
4Q 2023
3Q 2023
2Q 2023
1Q 2023
2022
4Q 2022
Net income (loss)
$
(103,612
)
$
(25,505
)
$
(21,109
)
$
(32,412
)
$
(24,586
)
$
(78,107
)
$
49,089
Interest expense, net of capitalized interest
29,099
7,396
7,402
6,912
7,389
23,861
8,191
Income tax provision (benefit)
35,156
8,485
6,097
9,866
10,708
14,658
(421
)
Amortization
99,822
34,635
22,884
19,595
22,708
111,626
28,077
EBITDA
60,465
25,011
15,274
3,961
16,219
72,038
84,936
Fair value adjustments, net
(3,384
)
1,245
2,010
3,922
(10,561
)
66,668
1,396
Foreign exchange (gain) loss
459
353
(421
)
(627
)
1,154
850
(123
)
Asset retirement obligation accretion
16,405
4,186
4,153
4,073
3,993
14,232
3,643
Inventory adjustments and write-downs
43,188
18,464
8,934
1,603
14,187
49,085
8,725
(Gain) loss on sale of assets and securities
25,197
12,547
19
12,622
9
(64,429
)
(62,064
)
RMC bankruptcy distribution
(1,516
)
—
—
(1,516
)
—
(1,651
)
(1,651
)
Value-added tax write-off
—
—
—
—
—
—
Loss on debt extinguishment
—
—
—
—
—
Gain on debt extinguishment
(3,437
)
298
(774
)
(2,961
)
—
—
COVID-19 costs
111
20
14
21
56
1,739
155
Other adjustments
4,814
2,168
1,439
1,137
70
(422
)
782
Adjusted EBITDA
$
142,302
$
64,292
$
30,648
$
22,235
$
25,127
$
138,954
$
35,799
Revenue
$
821,206
$
262,090
$
194,583
$
177,235
$
187,298
$
785,636
$
210,116
Adjusted EBITDA Margin
17
%
25
%
16
%
13
%
13
%
18
%
17
%
Adjusted Net Income (Loss) Reconciliation
(Dollars in thousands except per share amounts)
2023
4Q 2023
3Q 2023
2Q 2023
1Q 2023
2022
4Q 2022
Net income (loss)
$
(103,612
)
$
(25,505
)
$
(21,109
)
$
(32,412
)
$
(24,586
)
$
(78,107
)
$
49,089
Fair value adjustments, net
(3,384
)
1,245
2,010
3,922
(10,561
)
66,668
1,396
Foreign exchange loss (gain)
1,994
(156
)
5
154
1,991
1,648
458
(Gain) loss on sale of assets and securities
25,197
12,547
19
12,622
9
(64,429
)
(62,064
)
RMC bankruptcy distribution
(1,516
)
—
—
(1,516
)
—
(1,651
)
(1,651
)
Gain on debt extinguishment
(3,437
)
298
(774
)
(2,961
)
—
—
COVID-19 costs
111
20
14
21
56
1,739
155
Other adjustments
4,814
2,168
1,439
1,137
70
(422
)
782
Tax effect of adjustments
1,785
3,165
(223
)
(1,120
)
(37
)
(15,349
)
(5,616
)
Adjusted net income (loss)
$
(78,048
)
$
(6,218
)
$
(18,619
)
$
(20,153
)
$
(33,058
)
$
(89,059
)
$
(17,451
)
Adjusted net income (loss) per share - Basic
$
(0.23
)
$
(0.02
)
$
(0.05
)
$
(0.06
)
$
(0.11
)
$
(0.32
)
$
(0.06
)
Adjusted net income (loss) per share - Diluted
$
(0.23
)
$
(0.02
)
$
(0.05
)
$
(0.06
)
$
(0.11
)
$
(0.32
)
$
(0.06
)
Consolidated Free Cash Flow Reconciliation
(Dollars in thousands)
2023
4Q 2023
3Q 2023
2Q 2023
1Q 2023
2022
4Q 2022
Cash flow from operations
$
67,288
$
65,277
$
(2,383
)
$
39,397
$
(35,003
)
$
25,616
$
28,516
Capital expenditures
364,617
92,715
112,273
85,581
74,048
352,354
113,094
Free cash flow
$
(297,329
)
$
(27,438
)
$
(114,656
)
$
(46,184
)
$
(109,051
)
$
(326,738
)
$
(84,578
)
Consolidated Operating Cash Flow
Before Changes in Working Capital Reconciliation
(Dollars in thousands)
2023
4Q 2023
3Q 2023
2Q 2023
1Q 2023
2022
4Q 2022
Cash provided by (used in) operating activities
$
67,288
$
65,277
$
(2,383
)
$
39,397
$
(35,003
)
$
25,616
$
28,516
Changes in operating assets and liabilities:
Receivables
(933
)
726
478
913
(3,050
)
(4,452
)
(353
)
Prepaid expenses and other
461
1,225
3,000
(4,260
)
496
(240
)
699
Inventories
47,592
(7,401
)
18,620
18,738
17,635
51,448
8,798
Accounts payable and accrued liabilities
(55,581
)
(14,490
)
(5,528
)
(61,708
)
26,145
(510
)
(18,022
)
Operating cash flow before changes in working capital
$
58,827
$
45,337
$
14,187
$
(6,920
)
$
6,223
$
71,862
$
19,638
Reconciliation of Costs Applicable to Sales
for Year Ended December 31, 2023
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
230,018
$
197,663
$
178,564
$
121,351
$
4,018
$
731,614
Amortization
(35,709
)
(26,392
)
(25,905
)
(6,694
)
(4,018
)
(98,718
)
Costs applicable to sales
$
194,309
$
171,271
$
152,659
$
114,657
$
—
$
632,896
Inventory Adjustments
(933
)
(17,305
)
(988
)
(653
)
(19,879
)
By-product credit
—
—
(468
)
(6,439
)
(6,907
)
Adjusted costs applicable to sales
$
193,376
$
153,966
$
151,203
$
107,565
$
—
$
606,110
Metal Sales
Gold ounces
99,043
38,449
84,671
93,348
—
315,511
Silver ounces
6,534,469
3,339,780
266,156
—
10,140,405
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
49
%
48
%
100
%
100
%
Silver
51
%
52
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
957
$
1,922
$
1,786
$
1,152
$
1,355
Silver ($/oz)
$
15.09
$
23.97
$
—
$
18.10
Zinc ($/lb)
$
—
$
—
Lead ($/lb)
$
—
$
—
Reconciliation of Costs Applicable to Sales
for Three Months Ended December 31, 2023
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
60,345
$
85,155
$
46,207
$
34,150
$
858
$
226,715
Amortization
(9,949
)
(13,349
)
(8,366
)
(1,892
)
(858
)
(34,414
)
Costs applicable to sales
$
50,396
$
71,806
$
37,841
$
32,258
$
—
$
192,301
Inventory Adjustments
(195
)
(17,295
)
(131
)
(677
)
—
(18,298
)
By-product credit
—
—
(275
)
(2,146
)
—
(2,421
)
Adjusted costs applicable to sales
$
50,201
$
54,511
$
37,435
$
29,435
$
—
$
171,582
Metal Sales
Gold ounces
24,849
19,174
25,980
29,538
—
99,541
Silver ounces
1,644,592
1,269,236
—
86,510
—
3,000,338
Zinc pounds
—
—
—
—
—
—
Lead pounds
—
—
—
—
—
—
Revenue Split
Gold
50
%
55
%
100
%
100
%
Silver
50
%
45
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
1,010
$
1,564
$
1,441
$
997
$
1,225
Silver ($/oz)
$
15.26
$
19.33
$
—
$
17.03
Zinc ($/lb)
$
—
$
—
Lead ($/lb)
$
—
$
—
Reconciliation of Costs Applicable to Sales
for Three Months Ended September 30, 2023
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
57,083
$
34,708
$
45,180
$
32,614
$
919
$
170,504
Amortization
(9,024
)
(4,176
)
(6,894
)
(1,588
)
(919
)
(22,601
)
Costs applicable to sales
$
48,059
$
30,532
$
38,286
$
31,026
$
—
$
147,903
Inventory Adjustments
(328
)
(7,788
)
(411
)
(16
)
—
(8,543
)
By-product credit
—
—
(57
)
(1,802
)
—
(1,859
)
Adjusted costs applicable to sales
$
47,731
$
22,744
$
37,818
$
29,208
$
—
$
137,501
Metal Sales
Gold ounces
26,018
4,432
24,516
23,049
—
78,015
Silver ounces
1,533,975
606,083
—
73,677
—
2,213,735
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
50
%
37
%
100
%
100
%
Silver
50
%
63
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
917
$
1,899
$
1,543
$
1,267
$
1,273
Silver ($/oz)
$
15.56
$
23.64
$
—
$
17.85
Zinc ($/lb)
$
—
$
—
Lead ($/lb)
$
—
$
—
Reconciliation of Costs Applicable to Sales
for Three Months Ended June 30, 2023
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
54,608
$
29,717
$
43,950
$
29,634
$
1,021
$
158,930
Amortization
(8,017
)
(3,649
)
(4,801
)
(1,805
)
(1,021
)
(19,293
)
Costs applicable to sales
$
46,591
$
26,068
$
39,149
$
27,829
$
—
$
139,637
Inventory Adjustments
(209
)
(1,215
)
(239
)
77
—
(1,586
)
By-product credit
—
—
(63
)
(1,922
)
—
(1,985
)
Adjusted costs applicable to sales
$
46,382
$
24,853
$
38,847
$
25,984
$
—
$
136,066
Metal Sales
Gold ounces
22,207
6,493
13,273
25,117
—
67,090
Silver ounces
1,560,743
694,657
—
82,013
—
2,337,413
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
49
%
43
%
100
%
100
%
Silver
51
%
57
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
1,023
$
1,646
$
2,927
$
1,035
$
1,464
Silver ($/oz)
$
15.16
$
20.39
$
—
$
16.77
Zinc ($/lb)
$
—
$
—
Lead ($/lb)
$
—
$
—
Reconciliation of Costs Applicable to Sales
for Three Months Ended March 31, 2023
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
57,984
$
48,083
$
43,226
$
24,953
$
1,221
$
175,467
Amortization
(8,719
)
(5,218
)
(5,844
)
(1,409
)
(1,221
)
(22,411
)
Costs applicable to sales
$
49,265
$
42,865
$
37,382
$
23,544
$
—
$
153,056
Inventory Adjustments
(201
)
(13,474
)
(207
)
(38
)
—
(13,920
)
By-product credit
—
—
(74
)
(570
)
(644
)
Adjusted costs applicable to sales
$
49,064
$
29,391
$
37,101
$
22,936
$
—
$
138,492
Metal Sales
Gold ounces
25,970
8,349
20,902
15,645
—
70,866
Silver ounces
1,795,159
769,804
—
23,956
—
2,588,919
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
49
%
47
%
100
%
100
%
Silver
51
%
53
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
926
$
1,655
$
1,775
$
1,466
$
1,381
Silver ($/oz)
$
13.94
$
20.24
$
—
$
15.83
Zinc ($/lb)
$
—
$
—
Lead ($/lb)
$
—
$
—
Reconciliation of Costs Applicable to Sales
for Year Ended December 31, 2022
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
218,008
$
187,792
$
194,757
$
111,310
$
4,912
$
716,779
Amortization
(35,432
)
(22,626
)
(39,032
)
(8,247
)
(4,912
)
(110,249
)
Costs applicable to sales
$
182,576
$
165,166
$
155,725
$
103,063
$
—
$
606,530
Inventory Adjustments
(599
)
(9,232
)
(401
)
(217
)
(10,449
)
By-product credit
—
—
(634
)
(1,083
)
(1,717
)
Adjusted costs applicable to sales
$
181,977
$
155,934
$
154,690
$
101,763
$
—
$
594,364
Metal Sales
Gold ounces
107,157
34,370
108,972
79,469
—
329,968
Silver ounces
6,695,454
3,028,986
—
47,284
—
9,771,724
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
52
%
50
%
100
%
100
%
Silver
48
%
50
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
883
$
2,268
$
1,420
$
1,281
$
1,300
Silver ($/oz)
$
13.05
$
25.74
$
—
$
17.00
Zinc ($/lb)
$
—
$
—
Lead ($/lb)
$
—
$
—
Reconciliation of Costs Applicable to Sales
for Three Months Ended December 31, 2022
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
55,325
$
50,211
$
49,887
$
30,716
$
1,133
$
187,272
Amortization
(8,281
)
(6,034
)
(10,672
)
(1,748
)
(1,133
)
(27,868
)
Costs applicable to sales
$
47,044
$
44,177
$
39,215
$
28,968
$
—
$
159,404
Inventory Adjustments
103
(8,429
)
(103
)
(106
)
—
(8,535
)
By-product credit
—
—
(59
)
(413
)
—
(472
)
Adjusted costs applicable to sales
$
47,147
$
35,748
$
39,053
$
28,449
$
—
$
150,397
Metal Sales
Gold ounces
25,252
11,646
30,863
20,428
—
88,189
Silver ounces
1,490,444
974,810
—
17,387
—
2,482,641
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
55
%
52
%
100
%
100
%
Silver
45
%
48
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
1,027
$
1,596
$
1,265
$
1,393
$
1,270
Silver ($/oz)
$
14.23
$
17.60
$
—
$
15.57
Zinc ($/lb)
$
—
$
—
Lead ($/lb)
$
—
$
—
Reconciliation of Costs Applicable to Sales for 2024 Guidance
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Costs applicable to sales, including amortization (U.S. GAAP)
$
258,870
$
129,322
$
199,980
$
108,330
Amortization
(37,130
)
(36,990
)
(33,530
)
(6,330
)
Costs applicable to sales
$
221,740
$
92,332
$
166,450
$
102,000
By-product credit
—
—
—
(2,550
)
Adjusted costs applicable to sales
$
221,740
$
92,332
$
166,450
$
99,450
Metal Sales
Gold ounces
100,350
28,130
103,790
90,000
Silver ounces
6,516,830
3,927,890
105,920
Revenue Split
Gold
51%
38%
100%
100%
Silver
49%
62%
Adjusted costs applicable to sales
Gold ($/oz)
$1,075 - $1,275
$1,200 - $1,400
$1,525 - $1,725
$1,100 - $1,200
Silver ($/oz)
$16.50 - $17.50
$14.00 - $16.00
Reconciliation of Costs Applicable to Sales for 2023 Guidance
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Kensington
Wharf
Costs applicable to sales, including amortization (U.S. GAAP)
$
232,269
$
181,642
$
114,698
Amortization
(36,538
)
(26,295
)
(6,330
)
Costs applicable to sales
$
195,731
$
155,347
$
108,368
By-product credit
—
(193
)
(5,288
)
Adjusted costs applicable to sales
$
195,731
$
155,154
$
103,080
Metal Sales
Gold ounces
99,719
83,310
89,109
Silver ounces
6,558,482
221,306
Revenue Split
Gold
49%
100%
100%
Silver
51%
Adjusted costs applicable to sales
Gold ($/oz)
$900 - $1,050
$1,850 - $1,950
$1,200 - $1,350
Silver ($/oz)
$14.25 - $15.25
View source version on businesswire.com: https://www.businesswire.com/news/home/20240221800064/en/
For Additional Information Coeur Mining, Inc. 200 S. Wacker Drive, Suite 2100 Chicago, IL 60606 Attention: Jeff Wilhoit, Director, Investor Relations Phone: (312) 489-5800 www.coeur.com
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